Are Club Lloyds Lifestyle Benefits taxable?

Could you advise me, please, are Club Lloyds Lifestyle Benefits (for a Club Lloyds account, with Lloyds Bank) taxable (e.g., as annual payments or something else)? Some information about the Benefits (from lloydsbank.com ):
* "Club Lloyds Lifestyle Benefits are only available to Club Lloyds account holders, who are resident in the UK and aged 18 or over."
* "On opening a Club Lloyds account with Lloyds Bank, you will be invited to select one benefit choice per account year."
* "You can select one of the following Lifestyle Benefits: 12 months of Disney+, 6 cinema tickets, a 12-month Magazine Subscription, or a 12-month Gourmet Society and Coffee Club Digital Membership."
* "There is no cash or other alternative to the stated Lifestyle Benefits, in whole or in part."
* "Your Lifestyle Benefit will be valid for 12 months following the initial 30-day selection period. If you make your selection after this time your benefit will be supplied on a pro-rata basis."
* "On the anniversary of your account opening, you may select the same or a new Lifestyle Benefit for the following year." * "If we see no activity on your account you may not be able to reselect a lifestyle benefit at renewal."
(edited by HMRC forum moderators)

Hi

Please refer to guidance at SAIM8020 - Annual payments: meaning of annual payment

Thank you

Thank you. I am sorry, it is not necessarily clear from that page whether the Club Lloyds Lifestyle Benefits are taxable as annual payments. Some questions: 1. Are annual payments always money? Can a magazine subscription (not money) be annual payments? 2. Are the Club Lloyds Lifestyle Benefits 'pure income profit' for the recipient of the Benefits? Maybe, a more general question is easier to answer and it is relevant (is it?) to the question about the Club Lloyds Lifestyle Benefits: are things that are provided for banks' clients like travel insurance with 'packaged' bank accounts taxable (e.g., as annual payments)? Could you help me, please?

Hi,

If your employer provides this benefit to you, then yes, it is taxable. If you are paying for this yourself, then no, it is not taxable.

Thank you.

Hello. Thank you. I am sorry, my questions were not about employment-related benefit(s) but about something from a customer's bank for the customer. Could you help me with my questions, please?

Hi User089159a,
In general, ordinary retail customers purchasing goods, investments or services at arm’s length will not be liable to Income or Capital Gains Tax in respect of any commission, discounts or cashbacks received by them.  
Have a look at Statement of Practice 4 (1997).
Thank you.